The Power Index ranks five major capital buckets by relative performance for the latest completed session (April 2 close → April 3 close), using close-to-close percentage change in USD. U.S. Equities are proxied by SPY, Treasuries by IEF, Commodities by DBC, Gold by GLD, and Bitcoin by BTC spot close.
Commodities moved up from second to first in this window. Gold stayed in the top tier. Treasuries held the middle. U.S. Equities slipped to fourth. Bitcoin remained last for a second straight window. The top and bottom did not change much. The signal sat in the middle of the table and in what failed to confirm.
Ranked: The Split
Commodities finished first at about +0.6%. Gold followed at roughly +0.2%. Treasuries were close to flat. SPY fell about -0.5%. Bitcoin was weaker still and stayed fifth. That full top-to-bottom spread was barely over 1 percentage point.
That matters.
A wide spread usually tells you capital made a clear choice. This table did not do that. The order changed, but the distance between ranks stayed tight. This was not broad conviction. It was a narrow sorting of weak moves.
The sharper signal sat inside equities.
SPY finished fourth at roughly -0.5%. But equal-weight equities, using RSP as the check, fell closer to -0.2%. That is a gap of about 30 basis points in one session between the headline index and the average stock.
The market looked weaker at the surface than it was underneath.
That is not a small detail. In a cap-weighted index, a few large names can pull the headline around. When SPY underperforms RSP by that much in a down session, the selling is more concentrated at the top than across the full list. That is pressure in leadership, not pressure everywhere.
The second sharp signal was in the defensive layer.
Gold stayed near the top again. Treasuries did not. Gold ranked second. IEF only ranked third and was basically flat. If this were a clean defensive bid, duration should have done more than sit in the middle. It did not.
So the table did not show one clean message. It showed selective defense.
That makes Bitcoin more important, not less.
Bitcoin stayed last for a second straight window. That is now two consecutive bottom finishes in a five-asset universe. When an asset finishes fifth once, that can be noise. When it stays fifth again while gold remains top-two and commodities take first, that is a cleaner behavioral read: capital is not using Bitcoin for offense or defense right now. It is being skipped in both directions.
The key reference point is this:
Commodities led, but by less than 1%.
SPY lagged RSP by about 30 bps.
Gold stayed high, but Treasuries did not confirm.
Bitcoin stayed last for a second straight window.
That is not one big regime call. It is a more useful read than that.
It says the ranking moved, but the structure underneath stayed selective, narrow, and incomplete.
And when the table is this tight, what matters most is not who won by a lot.
It is who failed to join them.